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[null,"1.","Record Nr.",null,"UNINA9910970582903321"]
[null,null,"Autore",null,"Gruss Bertrand"]
[null,null,"Titolo",null,"Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances / / Bertrand Gruss, Jose L. Torres"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2012"]
[null,null,"ISBN",null,"9781463988234"]
[{"$nulls":4},"1463988230"]
[{"$nulls":4},"9781463951498"]
[{"$nulls":4},"1463951493"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"1 online resource (37 p.)"]
[null,null,"Collana",null,"IMF Working Papers"]
[null,null,"Disciplina",null,"332.1/52"]
[null,null,"Soggetti",null,"Fiscal policy - United States"]
[{"$nulls":4},"Balance of payments - United States"]
[{"$nulls":4},"Consumption"]
[{"$nulls":4},"Debt Management"]
[{"$nulls":4},"Debt"]
[{"$nulls":4},"Debts, Public"]
[{"$nulls":4},"Economic Growth and Aggregate Productivity: General"]
[{"$nulls":4},"Economics"]
[{"$nulls":4},"Fiscal consolidation"]
[{"$nulls":4},"Fiscal Policies and Behavior of Economic Agents: General"]
[{"$nulls":4},"Fiscal Policy"]
[{"$nulls":4},"Fiscal policy"]
[{"$nulls":4},"Forecasts of Budgets, Deficits, and Debt"]
[{"$nulls":4},"Income economics"]
[{"$nulls":4},"Labor Demand"]
[{"$nulls":4},"Labor economics"]
[{"$nulls":4},"Labor Economics: General"]
[{"$nulls":4},"Labor"]
[{"$nulls":4},"Labour"]
[{"$nulls":4},"Macroeconomics"]
[{"$nulls":4},"Macroeconomics: Consumption"]
[{"$nulls":4},"Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data)"]
[{"$nulls":4},"National accounts"]
[{"$nulls":4},"Public debt"]
[{"$nulls":4},"Public finance & taxation"]
[{"$nulls":4},"Public Finance"]
[{"$nulls":4},"Saving"]
[{"$nulls":4},"Self-employed"]
[{"$nulls":4},"Self-employment"]
[{"$nulls":4},"Sovereign Debt"]
[{"$nulls":4},"Wealth"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","\"January  2012\"."]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"Cover; Contents; I. Introduction; II. The Model; A. Preferences; B. Occupational Choice; C. Consumer's Problem; D. Entrepreneur's Problem and Financial Intermediation; E. The Government; F. Aggregates; G. Market Clearance; H. Timing of Events; I. Equilibrium; III. Calibration; IV. The Policy Experiments; A. The Delay Scenario; B. The Adjust Scenarios; V. Results; A. The Long-Run Effects; B. The Transitional Dynamics; C. Overall Welfare Cost of Delaying Fiscal Consolidation; VI. Conclutions; Tables; 1. Calibration"]
[{"$nulls":4},"2. Non-Interest Expenditures from the U.S. Federal Government as a percentage of GDP (2007)3. Steady State Comparison; Figures; 1. Projections from CBO alternative scenario, Long Term Budget Outlook of 2011; 2. Primary expenditures in the delay and adjust scenarios; 3. Primary deficit in the delay scenario and CBO's forecasts; 4. CBO's Alternative Fiscal Scenario and the Bowles-Simpson Commission's plan; 4. Differences in the percentage of total wealth held by the top percentiles in the delay and passive adjust scenarios"]
[{"$nulls":4},"5. Discounted sum of utility in steady state by wealth percentiles in delay and passive adjust scenarios6. Model Simulations-Fiscal Variables; 7. Model Simulations-Main Macroeconomic Variables; 8. Share of Entrepreneurs in Economy; 9. Present Discounted Sum of Utility by Deciles; References"]
[null,null,null,"Sommario/riassunto","In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that failing to address the fiscal imbalances associated with current federal fiscal policies for a prolonged period would result in a significant crowding-out of private investment and a severe drag on growth. Compared to adopting a reform that gradually reduces federal debt to its pre-crisis level, postponing debt stabilization for two decades would entail a permanent output loss of about 17 percent and a welfare loss of almost 7 percent of lifetime consumption. Moreover, the long-run welfare gains from the adjustment would more than compensate the initial losses associated with the consolidation period."]